Pope orders inquiry into Vatican Bank

The appointment of a new Pontifical Commission to advise Pope Francis about the Institute for Religious Works, usually called the Vatican bank, was desired expressly by the Pope local sources say.

This was “Pope Francis' personal choice. It strays from the usual dynamic through which these decisions are taken,” a Vatican official speaking under the condition of anonymity told CNA on June 26.

The possibility of a reform, or even of an abolition of the Institute for Religious Works was raised during the pre-conclave meetings of cardinals in March.

Once elected Pope, Francis followed some of the suggestions that emerged during the pre-conclave meetings. One example is the so-called “advisory board” of eight cardinals he will first meet with in October.

“The appointment of the commission,” explained the official, “is in order to understand if the Institute for Religious Works fulfills the mission of the Church in its current structure, or if it needs to be reformed.

” This is why the Pope issued the chirograph, an official document of Medieval origins. Through it, he appointed a “board” of five members to report to him about “the legal position and the activities of the Institute” in order to “harmonize the Institute with the universal mission of the Apostolic See.”